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Northern Ireland Company Formation

Registering a Company in Northern Ireland

Kyletelogue Cosec Services can help you register a Northern Ireland limited company. Corporate tax rates are currently the same as the UK, though this is under review. The Companies Registry Northern Ireland (CRNI) is integrated with Companies House, UK.

The commencement of the Companies Act 2006 on 1 October 2009 has provided a single company law regime that applies to the whole of the United Kingdom. Companies are UK companies rather than GB or Northern Ireland companies, and the same legislation applies to all. As a consequence, Companies Registry Northern Ireland (CRNI) has integrated with Companies House, under the Department for Business, Innovation and Skills (BIS).

Northern Ireland has retained a registry function and presence similar to Companies House Scotland. The office will remain in Belfast with a Registrar for Northern Ireland.

There are approximately 38,000 live companies registered in Northern Ireland.

Requirements for the formation of a Northern Ireland Company

Any single individual (only one director is required) The director can be resident anywhere and can also act as the company secretary

The registered office address must be located in Northern Ireland

A shareholder (individual or corporate body)

Starting up a company in Northern Ireland:

After registration, we deliver all the necessary documentation and certificates to you.

Setting up a company in Northern Ireland has never been easier.

In Short:

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The Minimum number of directors are two

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A Company secretary is required

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The Minimum number of shareholders are one

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New registrations are available in 8-10 Working days

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Annual returns and accounts are required to be prepared annually and filed

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Alternative names for approval

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Amount and denomination of Share Capital

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Main Objects

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Registered Office Address (must be within the six counties of Northern Island)*

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Full name, residential address, date of birth, nationality, and business occupation of each director*

We provide an experienced and professional team who can assist you in any way when setting up your Northern Ireland limited company.

Northern Ireland shares Britain's 21% corporate tax rate, much higher than a 12.5% rate in the Republic of Ireland that has helped the country become one of the largest recipients of US foreign direct investment.

The FT said Mr Osborne would signal his support for devolving corporate tax to the province in a half-yearly budget statement tomorrow, although the move would be unlikely to take effect until after May's national election.

Northern Ireland has lobbied the Westminster government to allow it to cut its corporate tax rate to better compete for jobs with the Republic of Ireland.

Any such move is likely to please the DUP, which, with eight seat and amid opinion polls mostly showing the Conservatives narrowly behind Labour, could become potential allies for Prime Minister David Cameron.

Such a devolution of power could further strain the union between the four nations of the United Kingdom, which avoided a break-up in September when Scotland voted against independence.

Last week Britain's main political parties agreed to further dismantle its highly centralised system of government by striking a deal to grant Scotland more powers, including the ability to set income tax rates. It stopped short of allowing Scotland to control its rate of corporate tax, and any move to devolve powers to Northern Ireland is likely to be controversial.

ARTICLE FORM IRISH TIMES 9/01/15

New legislation that will give the Northern Ireland Executive the power to set a different rate of corporation tax than elsewhere in the UK, represents a “victory” for business in the North according to industry leaders.

The Northern Ireland secretary of state Theresa Villiers unveiled the Corporation Tax (NI) Bill which provides for the devolution of tax powers to the Assembly during a visit to a company in Lisburn.

Ms Villiers said she believed the Bill had the potential to create thousands of jobs and stimulate growth by encouraging local businesses to invest more in the North and winning new inward investment.

The rate of corporation tax is 21 per cent in Northern Ireland while the rate in the Republic is just 12.5 per cent.

Legislation to devolve Northern Irish corporation tax has been published

All major political parties in Northern Ireland have supported the proposed measure (Newstalk)

A bill which would allow Belfast to set its own corporate tax rate has been published, with reports saying the British Government hopes to pass the legislation before May's general election.

If passed, the bill will give Belfast the power to change its corporate tax rate from April 2017.

The measure is part of the Stormont House Agreement which is aimed at breaking the political deadlock in Northern Ireland

At the moment, businesses in Northern Ireland pay the same 21 percent corporate tax rate that is levied across all of the UK. If the power is devolved, it is likely that it will be reduced to match the Republic of Ireland's lower rate of 12.5 percent.

Since the Scottish Independence referendum, London has indicated that it will not allow Scotland to have similar powers. Northern Ireland is seen as a special case, as it faces the challenge of attracting businesses while sharing a land boarder with a state with a lower corporate tax rate.

Secretary of State for Northern Ireland Theresa Villiers welcomed the news: "There is strong support for this change across all five of the parties in the Northern Ireland Executive and the business community, who believe it would provide a major incentive for domestic businesses to invest further in Northern Ireland and significantly increase foreign direct investment."

She also said that 34,000 companies in Northern Ireland could benefit from a lower tax rate.

Irish Minister for Jobs, Enterprise and Innovation, Richard Bruton has previously said that he would not fear a drop in Northern Ireland's corporate tax rate - adding that Dublin is ready to “compete hard” to continue to attract investments.

Public sector

The Northern Ireland office estimates that if the rate in the North was lowered it would benefit 34,000 businesses. Ms Villiers said: “In the light of an economy that for many years has been over-dependent on the public sector, allowing the Assembly to set its own rate for corporation tax offers the prospect of a transformative change . . .”

UK chancellor George Osborne agreed there was a strong case for devolving the tax-setting powers: “This will give the Northern Ireland Executive greater power to rebalance the economy towards a stronger private sector, boosting employment and growth.”

Progress of the Bill, which the British government hopes will come into law before the UK general election in May, is linked to political parties delivering on their commitments to the Stormont House Agreement, notably on welfare reform and agreeing a credible 2015/2016 budget. A new rate, likely to match the Republic’s, could be in place by April 2017.

The British government said the new tax regime which the legislation will create has been “carefully designed” to encourage genuine investment that will create jobs and growth and limit the opportunities for companies to benefit from avoidance and profit-shifting tactics.

It will provide for the Assembly to set the corporation tax rate over most trading profits.

Eamonn Donaghy, the local businessman who led the corporation tax campaign, believes the tax-setting powers will transform the economy.

“It is a significant step forward for everybody in Northern Ireland – it is going to change where we are going. This is about moving away from our past and creating a new future,” said Mr Donaghy, head of tax for KPMG Northern Ireland.

The Institute of Directors in the North also believes the decision to devolve tax-setting powers signals a “new dawn for the Northern Ireland economy”.

Historical backdrop

Linda Brown, director of the institute, said it was a “victory for business in Northern Ireland, business owners and their employees who for years have toiled against a backdrop of political instability and a land neighbour operating a competitive advantage”.

Minister for Finance Simon Hamilton said: “I welcome the introduction of this Bill to parliament. It will provide the vehicle to secure corporation tax rate-setting powers for Northern Ireland.”

According to Chartered Accountants Ireland, the Bill creates the environment for “realistic planning” for local politicians and prospective investors. Brian Keegan, its director of taxation, said: “Any measure designed to boost the Northern Ireland economy is ultimately good for the island as a whole.”

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